Sales prices (for an arms length sale) are de facto assessments. Every jurisdiction accepts or at least factors them in if you request an assessment to lower your property taxes.

In some jurisdictions where the growth rate is capped (like CA), a 3-6% drop in price will be locked in essentially forever.

Not in my jurisdiction (seattle), and my assessment hasn’t come close to hitting the price I paid yet since they are weighting land more than buildings in property taxes now (so…we never expect it to ever actually match, and that’s by design).